FOR IMMEDIATE RELEASE
September 3, 2021
Contact: JoDonn Chaney, (573) 526-0949
Missouri Investor Education and Protection Fund Receives $75,000 from Florida-based Company
Jefferson City, Mo. — Secretary of State Jay Ashcroft’s Securities Division issued a consent order against Cryotherm USA, Inc., John (Jianxin) Wang and Dennis R. Di Ricco after issuing more than $2 million in unregistered, non-exempt promissory notes.
Between December 1, 2015, and October 31, 2020, the Florida-based Cryotherm USA sold the promissory notes through a Las Vegas, Nevada-based unregistered broker-dealer, Retire Happy, LLC. The securities were sold to investors across the country, including one in Rolla, Missouri.
Following the sale of notes to investors, those involved engaged in a fraudulent scheme over a period of more than two years, during which the company generated no business revenue, circulated some investors’ funds back to other investors in the form of bogus monthly interest payments and misappropriated a majority of the remaining funds for their own personal benefit.
On October 19, 2020, after the division had opened an investigation into Cryotherm and engaged respondents, the respondents paid the full amount of principal and interest owed to the Missouri investor.
Without admitting or denying the allegations, respondents paid $75,000 to the Missouri Investor Education and Protection Fund.
“A main focus of the division is restitution for aggrieved investors, who are often fleeced out of their life’s savings,” Ashcroft said. “Promises of high-yielding returns can be enticing, but just make sure you’re not the one that’s being taken advantage of.”
Ashcroft urges investors to call the toll-free investor protection hotline at 800-721-7996 or go online to www.missouriprotectsinvestors.com for more information or to file a complaint.
Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.